Meat Substitutes - Portugal

Portugal

Revenue in the Meat Substitutes market amounts to €12.19m in 2024. The market is expected to grow annually by 5.96% (CAGR 2024-2029).
In global comparison, most revenue is generated in China (€2,198m in 2024).
In relation to total population figures, per person revenues of €1.19 are generated in 2024.
In the Meat Substitutes market, volume is expected to amount to 0.86m kg by 2029. The Meat Substitutes market is expected to show a volume growth of 4.3% in 2025.
The average volume per person in the Meat Substitutes market is expected to amount to 0.1kg in 2024.

Key regions: Spain, Russia, United Kingdom, South Korea, India

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Analyst Opinion

The Meat Substitutes Market in Portugal has seen a steady growth rate, driven by factors such as increasing health consciousness and convenience of alternative protein sources. However, the overall growth has been subdued due to challenges in consumer acceptance and limited availability of these products.

Customer preferences: As health and sustainability concerns continue to rise, there has been a growing demand for plant-based protein alternatives in the Meat Substitutes Market of the Meat Market within The Food market. This trend is driven by a shift towards healthier and more environmentally friendly diets. Additionally, there is a growing trend of flexitarianism, where individuals are reducing their meat consumption and incorporating more plant-based options into their diets. This is also influenced by cultural and demographic shifts towards a more health-conscious and eco-friendly lifestyle.

Trends in the market: In Portugal, the Meat Substitutes Market is experiencing a surge in demand, driven by the increasing popularity of plant-based diets and concerns over the environmental impact of meat consumption. This trend is expected to continue, with the market projected to grow at a CAGR of 8.7% from 2021 to 2026. This shift towards meat substitutes not only presents opportunities for industry players to tap into a new market segment, but also reflects a growing awareness and preference for healthier and more sustainable food options among consumers. As such, it is crucial for stakeholders to keep up with these trends and adapt their strategies to cater to this evolving consumer behavior. Failure to do so may result in missed opportunities and potential loss of market share.

Local special circumstances: In Portugal, the Meat Substitutes Market within the Meat Market of The Food market is heavily influenced by the country's traditional cuisine and cultural preferences. The growing trend towards plant-based diets and environmental consciousness has led to a rise in demand for meat substitutes, with a focus on locally sourced and organic products. Additionally, the government's efforts to promote healthy eating habits and reduce meat consumption have further boosted the market. This unique combination of cultural and regulatory factors has resulted in a thriving market for meat substitutes in Portugal.

Underlying macroeconomic factors: The Meat Substitutes Market of the Meat Market within The Food market in Portugal is influenced by macroeconomic factors such as consumer trends towards healthier and more sustainable food options, government support for plant-based diets and environmental concerns, and rising health consciousness among consumers. Additionally, global economic trends, national economic health, and fiscal policies play a significant role in shaping the demand for meat substitutes in the country. As the global demand for plant-based proteins continues to rise, Portugal's favorable regulatory environment and increasing investment in sustainable food production are expected to drive the growth of the Meat Substitutes Market in the country. Moreover, the rising prevalence of chronic diseases and the aging population in Portugal are also contributing to the demand for healthier food options, including meat substitutes, to improve overall health outcomes.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).

Modeling approach:

Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.